23 rd march 2006 2005 preliminary results presentation
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23 rd March 2006 2005 Preliminary Results Presentation Forward - PowerPoint PPT Presentation

23 rd March 2006 2005 Preliminary Results Presentation Forward looking statements This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future


  1. 23 rd March 2006 2005 Preliminary Results Presentation

  2. Forward looking statements This presentation may contain forward-looking statements and information that both represents management's current expectations or beliefs concerning future events and are subject to known and unknown risks and uncertainties. A number of factors could cause actual results, performance or events to differ materially from those expressed or implied by these forward-looking statements. Page 2 | 2005 Preliminary Results Presentation

  3. Preliminary results presentation Strategy & Outlook Simon Lockett Projects Update Robin Allan Financial Highlights Tony Durrant Page 3 | 2005 Preliminary Results Presentation

  4. Strategy & outlook Page 4 | 2005 Preliminary Results Presentation

  5. Premier’s business strategy Strategy Progress •Targeting 50,000 •Rising production in boepd in medium 2006 term •Portfolio of new and incremental •Minimum of 4 high development impact wells per projects annum within disciplined spend •Exciting 2006 exploration •Acquisitions focus programme, already on core areas delivering results •Build on quality •Reorganised prospect inventory business for 2007 and beyond Page 5 | 2005 Preliminary Results Presentation

  6. Asia – building on our Natuna Sea position Asia Production (boepd) Potential new projects 18000 Booked reserves 16000 14000 12000 10000 8000 6000 4000 2000 0 2006 2007 2008 2009 • Use technical and commercial expertise from operations in the Natuna Sea to deliver new exploration opportunities and production projects across the region. 2005 2006 • Vietnam prospect delivery • Lembu-Peteng and Macan Tutul • Indonesia HSE performance • Vietnam high-impact wells • West Lobe project progress • Singapore gas sales progressing • Ratna Page 6 | 2005 Preliminary Results Presentation

  7. West Africa – building a new core business West Africa Production (boepd) 7000 Potential new projects 6000 Booked reserves 5000 4000 3000 2000 1000 0 2006 2007 2008 2009 • Develop a pipeline of high impact drillable prospects and capitalise on Mauritania position 2005 2006 • Congo and SADR acreage acquisitions • Guinea Bissau drilling • Chinguetti development complete • Chinguetti Phase 2 • Tiof, Tevet and Banda appraised • Tiof development decision • Progress Government of Mauritania issues Page 7 | 2005 Preliminary Results Presentation

  8. North Sea – returning to growth North Sea Production (boepd) 16000 Potential new projects 14000 Booked reserves 12000 10000 8000 6000 4000 2000 0 2006 2007 2008 2009 • Build on Norway position by seeking out high impact exploration opportunities and maximise the value from existing UK producing assets 2005 2006 • Norway acreage additions • UK exploration - Peveril • Kyle offtake reconfiguration • Frøy development progress • Wytch Farm infill drilling • Wytch Farm EOR Page 8 | 2005 Preliminary Results Presentation

  9. Middle East & Pakistan – enhancing the Pakistan gas business Pakistan Production (boepd) Potential new projects 18000 Booked reserves 16000 14000 12000 10000 8000 6000 4000 2000 0 2006 2007 2008 2009 • Capitalise on a leading position in Pakistan’s rapidly growing gas market, and build a position in Egypt & the Middle East 2005 2006 • Al Amir discovery • Al Amir appraisal • Zamzama 2 sanction • Indus E exploration (Anne) • Bhit/Qadirpur additional sales progress • Bhit/Qadirpur plant upgrades Page 9 | 2005 Preliminary Results Presentation

  10. 5 Year production potential Production Profile Production Profile by Region (boepd) (boepd) 70000 70000 South Asia Potential new projects M/East & Pakistan 60000 60000 Booked reserves West Africa North Sea 50000 50000 40000 40000 30000 30000 20000 20000 10000 10000 0 0 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 (NB: Only includes discovered hydrocarbons (no exploration success assumed or acquisitions)) Page 10 | 2005 Preliminary Results Presentation

  11. Operational highlights • Production ahead of Strong gas demand in Pakistan, Indonesia offsets UK budget at 33,300 boepd decline. Rising profile in 2006. • Developments on track West Natuna (West Lobe) expected 3Q 2006 in 2006 Chinguetti onstream in February 2006. • Further gas sales Zamzama phase 2 signed. progressed Good progress in Pakistan and West Natuna. • Resource base Net additions from discoveries and new licence awards. increased to 232 mmboe New acreage added for future exploration. • Successful exploration 5 successes from 10 wells in 2005. and appraisal year Excellent start to 2006 in 2 operated wells. • World class HSE 5 years of continuous improvement as an Operator performance Page 11 | 2005 Preliminary Results Presentation

  12. Projects update Page 12 | 2005 Preliminary Results Presentation

  13. Asia – building on our Natuna Sea position Asia Production • Indonesia drilling update Potential new projects (boepd) Booked reserves • Singapore gas sales & associated 18000 development 16000 14000 • Vietnam high-impact wells 12000 10000 • Ratna progress 8000 6000 4000 2000 0 2006 2007 2008 2009 Page 13 | 2005 Preliminary Results Presentation

  14. Indonesia drilling update Page 14 | 2005 Preliminary Results Presentation

  15. Indonesia drilling update Macan Tutul-1 Natuna Sea Block A PSC 2006 success in - Macan Tutul-1 - Lembu Peteng-1 Page 15 | 2005 Preliminary Results Presentation

  16. Indonesia drilling update Lembu Peteng-1 Page 16 | 2005 Preliminary Results Presentation

  17. Indonesia drilling update Lembu Peteng-1 Ibu Lembu-1 Page 17 | 2005 Preliminary Results Presentation

  18. Singapore gas sales & associated development Page 18 | 2005 Preliminary Results Presentation

  19. Singapore gas sales & associated development Anoa West Lobe • On schedule and on budget • First gas in Q3 2006 Gas Sales • Excellent demand in 2005 • Progressing GSA2 negotiations Page 19 | 2005 Preliminary Results Presentation

  20. Vietnam high-impact wells Page 20 | 2005 Preliminary Results Presentation

  21. Vietnam high-impact wells Blocks 12E & W Swan Operator – Premier • Dua Quit Dua • Blackbird Peacock Blackbird • Swan Falcon • Falcon, Peacock and Quit: follow-on prospects Proposed 12E-CS-1X Blackbird Structure Dua Structure Page 21 | 2005 Preliminary Results Presentation

  22. Vietnam high-impact wells Blackbird Prospect 12E-LX-1X Thick sands with residual oil; Premier 12E-CS-1X Existing Well 12E-LX-1X drilled close to mapped contact Planned at crest off-structure Oil Water Contact Page 22 | 2005 Preliminary Results Presentation

  23. Vietnam high-impact wells Confirming Dua oil Dua-1X (1974) Flowed 1500 bopd from (damaged) Premier Lower Miocene ‘Dua’ Sands Dua-4X Dua-1X Dua-1X Discovery Dua-2X 12-A-1X 5km Page 23 | 2005 Preliminary Results Presentation

  24. Ratna progress Page 24 | 2005 Preliminary Results Presentation

  25. Ratna progress Page 25 | 2005 Preliminary Results Presentation

  26. West Africa Page 26 | 2005 Preliminary Results Presentation

  27. West Africa – building a new core business West Africa Production • Congo high impact exploration (boepd) • S.A.D.R. high impact exploration 7000 Potential new projects 6000 • Guinea Bissau high-impact wells Booked reserves 5000 • Mauritania – Chinguetti onstream, 4000 next steps 3000 2000 1000 0 2006 2007 2008 2009 Page 27 | 2005 Preliminary Results Presentation

  28. Congo high impact exploration Page 28 | 2005 Preliminary Results Presentation

  29. Congo high impact exploration Frida Prospect Frida Prospect Kitina 150 m bbls Block Marine IX N’Kossa 280 m bbls Highly prospective block, with significant reserve potential. Moho 110 m bbls Premier 58.5% – Operator Page 29 | 2005 Preliminary Results Presentation

  30. Congo high impact exploration Frida Prospect Top Lower Albian depth map with Miocene channel depth overlay 1.0 Tertiary Channel 2.0 3.0 4.0 Page 30 | 2005 Preliminary Results Presentation

  31. S.A.D.R. high impact exploration Page 31 | 2005 Preliminary Results Presentation

  32. S.A.D.R. high impact exploration Page 32 | 2005 Preliminary Results Presentation

  33. Guinea Bissau high-impact wells Page 33 | 2005 Preliminary Results Presentation

  34. Guinea Bissau high-impact wells 190 mbbls 175 mbbls Sinapa-1 Sinapa-2,2z Total mean un-risked reserves Espinafre in the top prospects is 70 mbbls 110 mmbbls >1.5 billion barrels (gross) 100 mbbls 300 mmbbls A $50/bbl oil price economics 180 mbbls Eirozes generates $7 NPV/bbl 135 mbbls 250m bbls 151 mbbls 80 mbbls 30 mbbls 230 mbbls Page 34 | 2005 Preliminary Results Presentation

  35. Guinea Bissau high-impact wells Eirozes Prospect: mean reserves 250 MM bbls Eirozes-1 Proposed Well (WD= 120 metres) Salt Top Albian North South Sand Page 35 | 2005 Preliminary Results Presentation

  36. Guinea Bissau high-impact wells Espinafre Prospect: mean reserves 70 MM bbls Espinafre-1 Proposed Well (WD= 34 metres) Salt Top Albian Sand North South Page 36 | 2005 Preliminary Results Presentation

  37. Mauritania – Chinguetti onstream, next steps Page 37 | 2005 Preliminary Results Presentation

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